Source: Chasing Coins
*Top 20 by Market Cap
*Counted in USD
Previously: Coin Growth – July
Tag: Markets
Coin Growth – July
How did Top-20 Coins perform in July?
(source – ChasingCoins)
The variance is measured in USD.
General Knowledge: DOGECOIN
The intention behind Dogecoin was a joke with a reference to a popular internet meme. It cloned Bitcoin (but forked Litecoin), but the creators had no global ambitions; founder of Dogecoin project”abandoned” it more than once, stating that the coin is useless and has no future. However, despite the founder’s pessimism (whether real or fake) and the coin’s total lack of glamour, Dogecoin survived and grew in popularity. Take ten cryptocurrency exchanges and try to find one which does not trade Doge! Which is the second most popular cryptocurrency in the faucet market? Doge! Hm, what about cryptocurrency casinos? Guaranteed Doge!
Dogecoin: The Basics.
Unlike Bitcoin, which is limited in supply, Dogecoin’s emission is infinite, making it an inflationary coin. Naturally, unlike Bitcoin, Monero and other “serious” cryptos, Dogecoin is cheap, but not worthless. Now,, – something which is available infinitely, is not backed up by anything (e. g. gold, fiat currencies, goods), something that is not developing technologically and has an ugly fucking dog as a logo is immensely popular, has value and… ..hit .market capitalisation of $2 billion at some point. What the hell, one might ask?
There are various theories as to why Doge remains strong. The prevalent theory is that it was extensively used for tipping others on Reddit and other various social networks. The transaction time is quick, Doge is cheap and thus is a perfect medium for tipping, yes. Google agrees…:
..but .we don’t. Is the “tipping” industry large enough to amass capitalisation of two billion? Why not tip with a few satoshi/litosh?…
The theory that we follow is that Dogecoin was in the right place at the right time. It filled a market miche. The crypto market needed a lightweight currency which is very convertible and readily available, which is cheap, unlimited in supply and not affected by the fluctuations of the market. If you have a look at the Doge price charts…
(source – Cryprocompare)
…you will see that, save for an insignificant spike or two, the price is relatively stable. Due to unlimited emission, it is very difficult for one market player to manipulate the price.
(source – Coinmarketcap)
The spikes in price are explained anecdotally, – i. e. at the end of 2017 there were rumours that some mythical Chinese investors will buy out all Dogecoins because of the symbolic connection between the Year of the Dog and the name of the crypto. Naturally, there was no truth behind this, however, in another incident, the Chinese market did affect the price of Doge, – when Bitcoin was under government fire, funds were rapidly converted into Doge…
…and we believe that this is the secret behind Doge‘s longevity.
Anyone remotely familiar with trading knows that time is often of the essence. While Bitcoin network not only was overloaded at some point, but charged insane commissions for transfers between wallets, not mentioning a fee one would pay to the exchanges (sometimes, – twice or more). Converting funds to Dogecoin was a viable solution. BTC to DOGE and DOGE to BTC... Voila. The transfer becomes instant and the fees are reduced significantly.
We at DMYF use Dogecoin to test everything we lay our hands on and have time for; first and foremost, – we use Dogecoin to test cryptocurrency exchanges. Some, like CoinExchange set ridiculously low minimum trade for Doge and offer many pairs, so hey, why not buy some altcoin for a few Doge (“earned” on faucets)? We are not rich enough to spend BTC for exchange review purposes…
Due to unlimited emission, using Dogecoin as a savings vehicle is unwise, while some alts might skyrocket…
We used 10 DOGE to purchase DigiCoin (DGC) on BleuTrade when we were testing that exchange. 10 DOGE was the minimum trade amount (which seemed enormously high, compared to CoinExchange, however BleuTrade is a more serious platform). Of course, a 142% value increase is nothing, considering that the initial investment was child’s play. However, investing 1-10 DOGE regularly, creating a portfolio, monitoring the price changes, reading about coins… Not the worst way to develop some trading skills.
Recommended DOGE and beginner-friendly altcoin-focused Cryprocurrency Exchanges:
Or, say, you come across an online cryptocurrency casino, – we are currently testing Luckygames, a platform where the minimum bet is only 1 (one) Satoshi (!). However, how likely are we to throw BTC? Naturally, we deposit a few DOGE!
Another factor of DOGEcoin’s popularity, – it is easy as hell to come by. Admittedly, earning 75 DOGE in one day with no referrals using our method requires some effort, but just fauceting, one can easily make up enough DOGE to be able to withdraw them, – then, multiplying DOGE does not require a mastermind. In other words, one does not need initial fiat investment to enter the world of cryptos; merely a mobile phone is enough.
Cloud Mining? Still believe in fairytales? We do. Or, rather, we re-invest our hard-earned DOGE in order to expose scammers and end up broke, but hey, its only DOGE, right?..
…in the worst case scenario, the lost DOGE will be quickly made up using reliable, tested and recommended DOGE faucets:
Register at Freedogecoin and take part in our Dogecoin Giveaway!
Register at MyDoge
Learn how to earn and withdraw up to 75 DOGE a day
Remember, – the cheapest way to withdraw your Cointiply earnings is through Dogecoin.
Summary:
Philosophically, DOGEcoin constitutes what Litecoin was meant to be, – a lighter, everyday, “penny” version of Bitcoin.
Common uses:
– Tips
– Transferring funds from Exchange A to Exchange B
– Trials, Testing
– Purchasing “penny stocks” and anything what Bitcoin is too expensive for
– Transferring funds out of Coinpot
– Supporting us! 🙂
What Dogecoin is NOT used for:
– Long-term investments (Dogecoin’s value will never skyrocket doe to infinite supply)
– Savings (sooner or later Dogecoin will be technologically outdated, its potential is reached)
– Used as a “main” currency (calculating one’s cryptocurrency assets in Dogecoin).
Further Reading:
Official Website:
https://dogecoin.com
Dogecoin on Coinmarketcap:
https://coinmarketcap.com/currencies/dogecoin/
Dogecoin on Coingecko:
https://www.coingecko.com/en/coins/dogecoin
Dogecoin on Cryptocompare:
https://www.cryptocompare.com/coins/doge/overview/BTC
Best Dogecoin Wallets:
coinpot.com
Want to buy DOGE using a credit or debit card? UMAD?
Oh well… Go to Changelly
Legal Status of Cryptocurrencies in Sweden, Finland, Israel, USA and Switzerland
Although EXMO.com does not expand its list of cryptocurrency pairs as often as other exchanges do, it offers its users low transaction fees and demonstrates high trade volumes, in comparison to the exchange’s size. In addition, EXMO’s newsfeed often features interesting general knowledge articles. We are taking the liberty of reposting one of them.
The further development of cryptocurrencies will mostly depend on how the legal status of cryptocurrencies will be shaped throughout the world.
The issue of cryptocurrency legalization (which means that cryptocurrencies get the legal status both in the particular countries and international financial institutions) appeals not only to the crypto-community. The solution of the stated issue will also predetermine the perspectives of the digital economy development, which is getting more and more powerful in the global economy as well as in life of every individual person.
EXMO experts have summarized the information on the issue of cryptocurrency legalization, its aspects, and importance of this process for the whole market participants.
Legal status of cryptocurrencies. Control and difficulties
| Legal regulation of the cryptocurrency market will protect the interests of every user, who have become the bitcoin owner, altcoins owner, or ICO investor, in many aspects. |
The regular users are quite uncertain whether they may rely on the law in case of any problem concerning crypto-exchanges, ICO, or cryptocurrency management in general. The miners and traders are also rest in the risk-area, due to the fact that they are concerned with the issue of the crypto-profit “nature”. The continual difficulties with supplies of the new equipment for the mining farms is another problem. Remind that mining, as a kind of activity also requires the initial investment, which cannot be legally protected at the moment.
Legal systems of many countries cannot clearly determine whether cryptocurrency is legal or not. One the one hand, it is not forbidden, on the other – it is not allowed due to the accurate identification of “What is cryptocurrency?” does not yet exist. Thus, the legal environment governing cryptocurrency has not been worked up.
The large businesses working with cryptocurrencies one way or another need not only the general legal certainty but favorable governmental position as well concerning the issues of crypto-economy legal control.
A lot of market participants including active market traders, regulatory institutions, international financial institutions, banks, which are participating indirectly in the market activities would approve the measures taken for cryptocurrencies exit from the “legal shade”.
Here below we will discuss countries, where cryptocurrency is allowed, and how some governments and financial regulators reacted on the availability of digital money in the financial payment system.
What is also important is that mostly developed countries have supported cryptocurrencies one way or another. These are the countries that are open to the innovations and contribute to them; they also point out the long-term perspectives of the global economy development.
Be support or be banned
The active spread of interest to cryptocurrencies suggests the innovative economics to make specific decisions and actions, which is likely to have a positive impact on the market and its further perspectives. There are also people, who are ambitious about leading the “trendy” movement among the international market participants. Through creating the favorable and transparent conditions for business and market participants, attracting investment, these countries are pressing the gear even now. That is the case of Switzerland.
Switzerland
Continue reading “Legal Status of Cryptocurrencies in Sweden, Finland, Israel, USA and Switzerland”
Etherium in the Green
Could Etherium really be showing signs of recovery? If so, those who have adopted the strategy of a “healthier portfolio” and traded shitcoins against Etherium at its lowest have made the right choice.
While Bitcoin is in the green too, if Sunday trading is indicative of anything it is of retail investors attempting to fight off institutional pressure. Time will tell.
Did you know that…
…if there is a minimum Dogecoin trade on CoinExchange, it is below 1 DOGE.
That is, for 50 DOGE earned daily on Coinpot faucets you can make at least 50 trades on the exchange. Although some coins traded are virtually dead, others might present at least a short-term opportunity to add some “green” to a portfolio.
P. S. A review of CoinExchange bitcoin and altcoin exchange is work-in-progress.
(DISCLAIMER: none of the information mentioned on this website should be regarded as investment/trading advice)
NEWS: Yahoo big in Japan, Snapchat vs. ICOs and more:
Japan, one of the Asian tigers of the cryptocurrency market is under direct attention from the country’s regulatory bodies following the multi-million dollar hack of one of the local exchanges. Binance, a Hong Kong-based exchange is under notice for operating without a license in the country (the news affected the price of Bitcoin, highlighting the significance of Binance; yet Yahoo intends to buy into one of the local exchanges, already operating and licensed in the market. 40% stake, reportedly valued at $19 million, will give the internet giant effortless market entry, with further investments expected in early 2019.
Noteworthy, Yahoo only partially followed Google/Youtube, Facebook/Instagram, Twitter and Snapchat (think investing in crypto? Think Snapchat… – yes that is sarcasm) and others in restricting cryptocurrency-related advertisement. While Microsoft, a company well-known for its positive attitude and even enthusiasm towards cryptocurrency markets (one can use Bitcoin to purchase Microsoft products), Bing and Linkedin have not followed the popular trend.
More on future regulation: from G20’s discussion on cryptocurrencies France’s Minister of Finance stated:
“We agree that crypto-assets can be very interesting for everyone. And we – obviously – are in favor of blockchain technology, which can provide very good support to financial assets in Europe or anywhere in the world. We are in favor of these technologies, but we want these technologies to be secure and therefore we need to define very clear measures for their regulation.“
In other words, quoting older news based on JP Morgan’s internal report, cryptocurrencies are here to stay. Whether ICO adverts are banned by Snapchat or not.
Sources:
Continue reading “NEWS: Yahoo big in Japan, Snapchat vs. ICOs and more:”
